WHAT IS A HOA?
A Homeowners' Association (or HOA) governs planned residential developments. HOA's are beneficial for the community because they make every effort to increase the neighborhood home values and to safeguard home investments. The HOA board has a fiduciary duty, which requires that members act in good faith, on behalf of the association.
When you purchase a property that is governed by an HOA, the homeowner automatically becomes a member and must pay fees and follow HOA rules.
A Homeowners' Association is run by a board which is elected by homeowners to oversee the common assets of a property, manage its finances, enforce and set rules, and oversee to the maintenance and upkeep of the community.
The board consists of voluntary homeowners who are elected by their residents to make decisions on the residents' behalf regarding the property. The board consists of a president, vice president, secretary, a member at large and a treasurer. The president oversees the community affairs, the secretary keeps records, and the treasurer handles the association's finances.
Homeowners' Associations sets a quarterly homeowner fee, which is used to maintain the property and its common areas, such as the, walkways, parking lot, parks, and swimming pools, for the community.
ROLE OF THE HOA BOARD
A Homeowners' Association (or HOA) governs planned residential developments. HOA's are beneficial for the community because they make every effort to increase the neighborhood home values and to safeguard home investments. The HOA board has a fiduciary duty, which requires that members act in good faith, on behalf of the association.
When you purchase a property that is governed by an HOA, the homeowner automatically becomes a member and must pay fees and follow HOA rules.
A Homeowners' Association is run by a board which is elected by homeowners to oversee the common assets of a property, manage its finances, enforce and set rules, and oversee to the maintenance and upkeep of the community.
The board consists of voluntary homeowners who are elected by their residents to make decisions on the residents' behalf regarding the property. The board consists of a president, vice president, secretary, a member at large and a treasurer. The president oversees the community affairs, the secretary keeps records, and the treasurer handles the association's finances.
Homeowners' Associations sets a quarterly homeowner fee, which is used to maintain the property and its common areas, such as the, walkways, parking lot, parks, and swimming pools, for the community.
ROLE OF THE HOA BOARD
- Set and approve covenants, conditions, rules, and bylaws such as acceptable and non-acceptable resident behavior
- Review complaints and make decisions based on resident concerns
- Enforce penalties against residents (through the management company) if bylaws are breached
- Hold monthly and quarterly meetings to discuss and resolve pending issues
- Communicate issues to homeowners that pertain to the community
- Set annual budget for the community
- Sets homeowner fees determined by financial projections
- Maintain a reserve funds for known future repairs/emergencies
- Hire and correspond with an attorney, and other professionals on behalf of the association
- Allocate spending for insurance coverage
- Budget for repairs and maintenance
- Organize and prioritize maintenance issues in the community
- Collect bids from contractors and act as a fiduciary on behalf of the residents
- Arrange for health and safety inspections in the community e.g., pool
- Respond to emergencies of the community (frozen pipes, fire, weather disasters)
- Communicate with the board and homeowners
- Advise the Board and implement their decisions
- Perform regular community site inspections
- Review architectural requests and submit them to the architectural committee once completed
- Oversee community financials and send monthly reports to the board
- Collect and account HOA assessments from homeowners
- Keep record of all expenses and income for the HOA
- Pay the Association's bills
- Obtain quotes and liaison with contractors to make any necessary repairs in the community
- Maintain proper records of insurance needed for the property based on the community governing documents
- Perform daily administration task
Welcome to the official Ellington Downs HOA Board webster! The purpose of the website is to provide Ellington Downs residents direct communication with the HOA Board and provide the latest and most accurate information concerning our community.
Residence of the community now have the opportunity to communicate directly with the Board. All inquiries will be answered or referred to Key Management, the company that manage the operations of the community.
The roles of the HOA Board and Key Management are listed in the "Roles" tab on this website. Please take them into consideration when addressing the concerns of the community.
Residence of the community now have the opportunity to communicate directly with the Board. All inquiries will be answered or referred to Key Management, the company that manage the operations of the community.
The roles of the HOA Board and Key Management are listed in the "Roles" tab on this website. Please take them into consideration when addressing the concerns of the community.